• 2019 March 26 13:02

    Van Oord posts results for 2018

    In 2018, Van Oord recorded EUR 1.88 billion in revenue (2017: EUR 1.53 billion) with a net profit of EUR 92 million (2017: EUR 78 million), the company said in its release. The increase in revenue was mainly driven by offshore wind activities, which realised EUR 706 million of revenue (2017: EUR 403 million). Revenue in the Netherlands also increased to EUR 115 million (2017: EUR 82 million). In Dredging the revenue from international activities (EUR 852 million) was similar to 2017 (EUR 841 million) reflecting ongoing difficult market circumstances. The same applied to Offshore with a revenue level of EUR 203 million (2017: EUR 204 million).

    Van Oord realised a net profit of EUR 92 million (2017: EUR 78 million). This included one-off items. The sale of the share in Gemini Offshore Wind Farm generated a net book profit of EUR 38 million. Van Oord also accounted for a net cost of EUR 20 million in light of refinancing its US Private Placement (EUR 27 million before tax). The EBITDA in 2018 was EUR 306 million (2017: EUR 290 million).

    Van Oord order book amounted to EUR 3.68 billion at year-end 2018, compared to EUR 3.39 billion at year-end 2017. The five largest awarded projects were the reinforcement of the Afsluitdijk, the Fryslân nearshore wind farm, the construction of the A16 motorway, the modernisation of the Świnoujście to Szczecin fairway in Poland and the contract for supplying and installing cables at the Hollandse Kust (South) wind farm.

    Van Oord saw a recovery in revenue and profit level in 2018, after two years of contraction. The increase in revenue was attributable primarily to its offshore wind activities.

    Van Oord financial position remains strong with an equity of EUR 999 million (2017: EUR 943 million) and a solvency ratio of 39.5% (2017: 37.3%). The net debt position amounted to EUR 78 million compared to EUR 43 million at year-end 2017. This debt level is well within Van Oord credit facility terms and conditions.

    Amongst others, Van Oord started executing the Dubai Harbour project. This prestigious property development project will include a hotel, a cruise liner terminal, a shopping mall and residences. The contract involves dredging the 12-kilometre navigation channel, reclaiming land, extensive rock work and quay wall construction and executing vibro compaction. After the iconic Palm Jumeirah, Van Oord will be contributing to yet another Dubai landmark.

    The Netherlands business unit realised a significant increase in its order book, thanks to two major DBFM (Design, Build, Finance, Maintain) projects: the Afsluitdijk and the A16 motorway project. The infrastructure market in the Netherlands is characterised by strong competition and low margins. In the coming years, revenue in the Netherlands will grow as the result of these projects.

    The Offshore Wind business unit had record revenue in 2018. Four major projects commenced simultaneously: Deutsche Bucht in Germany, the Norther project in Belgium, East Anglia ONE in the UK and the Dutch Borssele III & IV project. These offshore wind farms combined represent an important step forward in the energy transition. Together they will supply some 1.6 million homes with sustainable energy.

    In September 2018, MPI Offshore was acquired including two offshore installation vessels. Through this acquisition, Van Oord UK market position has been strengthened and its equipment position in offshore wind has also been reinforced. Van Oord added Operations & Maintenance activities to its service package as part of this deal.

    Since 2014, the OFS market (Oil Field Services) has been in a recession. However, it appeared to have bottomed out in 2018. The Offshore business unit’s profits are returning to a satisfactory level. In the end of 2018, all three flexible fallpipe vessels were active, including the brand-new Bravenes that became operational in May 2018.

    After working for five years on the tender for the Golfinho project in Mozambique, Van Oord and consortium partner TechnipFMC were selected as preferred tenderer by oil & gas company Anadarko. Being selected for the EPCI contract (engineering, procurement, construction and installation) of the offshore subsea system for its Mozambique LNG project is a great milestone for Van Oord.







2019 June 24

18:05 Training Montenegro to combat oil spills
17:50 Four cruise ships visit the Port of Riga at the same time
17:27 Finnish Government proposes supplementary appropriation of EUR 40 million for basic infrastructure management
17:05 Austal delivers third guardian class patrol boat to the Australian Department of Defence
16:47 Incat Crowther announces contract to design a 65m catamaran passenger ferry
16:46 Construction and operation of dual-fuel ships has low economic efficiency – USC President
16:45 Maersk Drilling completes sale of jack-up Mærsk Giant
16:24 USC set to build floating electricity-generating facilities running on LNG supplied by bunkering ships
16:03 Van Oord and Mammoet enter into cooperation with scale-up Verton
15:45 United Shipbuilding Corporation to launch the first LNG-powered ferry for Ust-Luga – Baltijsk line in late July
15:30 United Shipbuilding Corporation establishes USC-Propulsion and USC-Interior subdivisions
15:03 MOL signs deal on a long-term charter contract to utilize "MOL FSRU Challenger" for Hong Kong Offshore LNG Terminal Project
14:42 New USC Vice-President, Civil Shipbuilding, to get into office on 10 July 2019
14:21 USC expects its Astrakhan cluster to build 12 river-sea class ships per year
14:03 Yang Ming announces new China-Thailand direct service
13:37 Port of Rotterdam Authority to collaborate with four new companies
13:25 Igor Vasilyev appointed as Acting General Director of FTI Rostransmodernizatsiya
13:02 ARIES gained ABS Certification: Middle East 1 st Remote Inspection Techniques specialist
12:20 BC Ferries releases year-end results
12:10 Keel laid for the first of Damen’s revolutionary new FCS 7011 Crew Change
11:56 Average wholesale prices for М-100 HFO down to RUB 15,377 in RF spot market
11:29 FESCO to launch new container train to China via Far East overland route
10:58 Southern Center of Shipbuilding and Ship Repair acquired property of Krasniye Barrikady plant
10:35 Satti floating drilling unit owned by Kazmortransflot delivered to Azerbaijan
10:13 Throughput of Chinese ports grew by 4.1% to 5.5 billion tonnes in Jan-May’2019
09:53 MABUX: Bunker Market this morning June, 24
09:52 Brent Crude futures price is up 0.4% to $64.71, Light Sweet Crude – up 0.68% to $57.82
09:34 Container throughput of port Hong Kong (China) down 7.7% to 7.55 million TEUs in Jan-May’2019
09:17 Baltic Dry Index is up to 1,239 points

2019 June 23

16:29 INPEX submits revised plan of development for Abadi LNG Project
15:13 Oceanwide Expeditions: Hondius sister ship m/v Janssonius ordered for 2021
14:19 CMA CGM announces FAK rates on Asia - Pakistan, India and Sri Lanka service
13:46 Coast Guard rescues five from capsized boat in Chesapeake Bay
12:43 Danske Commodities signs 20-year PPA with Hywind Scotland wind farm
10:29 TMC sets up office to support Chinese yards

2019 June 22

15:24 AAPA selects Christopher Connor as its new CEO
12:37 TMC contracted by VARD to supply marine compressors for Viking Cruises' vessels
11:23 ABS to class first ‘tri-fueled’ vessel for Harvey Gulf
10:13 Port of Oakland steps up as ships carry bigger loads than ever
10:05 Coast Guard responds to barge aground in Naknek, Alaska

2019 June 21

18:07 Austal gets Navy's modification to littoral combat ship contract
18:04 MODEC awarded Letter of Intent by Petrobras related to Búzios 5 FPSO
17:58 Frontline announces acquisition of VLCC resale and two LR2 newbuildings
17:56 BC Ferries adds extra sailings for the summer
17:55 Maritime Anti-Corruption Network to develop Global Port Integrity Index and Scale Up Collective Action in West Africa
17:37 Siemens Gamesa receives first offshore wind preferred supplier nomination in Japan: up to 455 MW for Obayashi Corporation
17:12 Krasnoye Sormovo launches final RSD59 ship in a series four units ordered by STLC
16:38 Ships of RF Navy’s Pacific Fleet involved in exercises in the Sea of Japan
16:26 Government of Canada enters into negotiations with Chantier Davie for construction of two ferries
16:14 Standic expands with state-of-the-art chemical storage terminal in Port of Antwerp
15:50 Klaipedos Nafta announced call for Chief Executive Officer
14:27 Safety management training takes centre stage
14:26 USCG says Polar Security Cutter to be homeported at Seattle
14:03 Maersk to offer customers carbon-neutral transport
13:35 LUKOIL’s dividends payable for 2018 will be RUB 250 per ordinary share
13:15 Anthony Veder expands fleet with taking in five gas carriers from GATX
13:12 HELCOM’s Executive Secretary to step down in August 2019
12:48 Novotrans acquired stevedoring company operating Ro-Ro ferry facility at the port of Ust-Luga
12:30 Samskip fine tunes multimodal network for post-Brexit hard choices
12:11 Matson christens first Kanaloa class Con-Ro vessel 'Lurline'